Why I Hate Mortgage Companies

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A few years ago we refinanced our mortgage with Quicken Loans. Initially, we were very happy with the service. The representatives that handled the processing of our loan were very courteous and professional and we were happy with the rate that we were getting. Things quickly changed after our loan was processed. It was sold off to 2 separate companies within 2 months. From the very beginning, we had problems with the holder of our smallest loan. That company is EMC out of Texas. I am beginning to think that Texas is the Scumbag Business Capital of the United States. EMC was VERY SLOW in sending us notice that they held one of our loans and letting us know what our payment schedule was to be. Yet, they attempted to charge us "late fees" for not paying them on time. How exactly were we to pay them on time when they did not let us know the amount or due date of our payments? Unfortunately, relations have not improved from that poor start.

The company holding the larger loan is Countrywide Home Loans. Although we have had a much more positive experience with Countrywide, we have had our share of troubles with them as well. Today I received a notice from them stating that they were going to be opening up access to my account information unless I called a toll-free number to request that they limit access. There was no special notice on the envelope letting us know the importance of the mailing, and since we have our mortgage payments automatically sent from our account each month, I usually tuck our mailings from them into a drawer. Luckily, I opened this one. However, after opening it, reading it, and calling the toll-free number, I was greeted with one of the most mundane, drawn-out, annoying messages I have ever encountered. I think the idea is to have you hang-up before you choose to opt-out. Their loss - I stayed on the line until I got to the option to opt-out. We really need to stand up as consumers and tell companies like those in the mortgage business that we are not going to be bullied anymore. I will be writing to my state's Attorney General and Banking Commission in addition to those of the states in which Countrywide and EMC are headquarted. Something makes me think that I may not even receive a response from Texas.